Who Wins and...Loses With Women

This morning while researching a story for our daily radio show, Insight on Business, I came across an article from the Boston Consulting Group.  The focus is a global survey of 12,000 women.  It tells an interesting tale of what women want...and don't want when it comes to marketing.  Here is the report from BCG.

A couple of quick high points from the study:  Women are driving $12 trillion of the overall $18.4 trillion in global consumer spending and contribute $5 trillion in earnings over the next five years.  (Ahhhh...this is a group that demands attention!)

Given those numbers it's silly to think that women don't play a part in nearly every consumer spending issue from stationary to 300hp tractors. To ignore that fact is a major mistake.  So, what do women get angry at when it comes to marketing products or services?

• The failure to tailor products to women's unique needs instead of a "one size fits all" philosophy;
• Sales & Marketing that are based on dated stereotypes;
• The failure of marketers to address women's  need for time saving solutions;
• The failure to connect marketing to respond to women's needs and challenges;
• The failure to develop community, personal connections and credibility.

Quite a list huh? 

The study named names in consumer categories that women are NOT pleased with when it comes to marketing efforts.  Who fails?  Investment Companies, the Auto Industry, Banks, Life Insurance, Physicians and Car Insurance.  Think of those categories and the traditional marketing approach they use.  See something not only male dominated?

The categories that "get it" are predictable:  Beauty, clothing and food.

So, how should you market your product or service to women?  Perhaps focus on relationships, fulfillment, time and work balance....  You might be surprised. 

The Survey is a prelude to a book scheduled for release in September, "Women Want More:  How to Capture Your Share of the World's Largest, Fastest Growing Market".  You can bet we'll be reading...

You can learn more about us at www.InsightCubed.comand follow us on Twitter @MichaelLibbie.  Thanks for reading and if we can help...let's talk.